An economy that is neither growing nor shrinking is usually said to be in a period of stagnation.
Answer:
Bank reconciliation for Miller Co. for August 31
Amount in $ Amount in $
Bank statement Balance 3,868
Add;
Deposits in transit 743
Bank service charge 115
Error in check for supplies 9 867
Deduct;
Outstanding checks 764
Cash account balance 3,971
Explanation:
The bank reconciliation is one done between the balance per the books and balance per the bank statement. This is usually as a result of transactions known as reconciling items.
These are items that have either been recognized in books but yet to be recorded by the bank or vice versa, transactions recorded wrongly by one of the parties etc.
To reconcile the two balance moving from the bank statement balance to the cash account balance;
Deposit in transit has been debited to the cash balance hence it will be added to the bank. Bank service charge has been deducted from the bank and will be added back.
The erroneous recorded of the check shows that the cash account balance was under credited by $9 hence it will added to the bank statement balance. The outstanding check has been deducted from the cash balance and will be deducted from the bank statement balance.
<u>Solution and Explanation:</u>
• The Significant dangers and awards of responsibility for products have been moved to the purchaser.
• The dealer holds neither proceeding with the administrative contribution to the degree generally connected with the possession nor powerful authority over the products sold.
• The measure of the income can be dependably estimated.
• It is plausible that the monetary advantages related to the exchange will stream to the vender.
• The cost brought about or to be acquired in regard to the exchange can be estimated dependably. In such conditions, any thought previously got for the offer of merchandise is perceived as an obligation. So therefore, receipt of $1000 received by Tesla as a reservation payment from a customer is recorded as short term liability in its books.
Entry shall be as follows:-
Bank/Cash A/c Dr. $1000
To Advances from Customers $1000
Answer:
ACME Corporation
Fraud Suspicion of Adam Jones:
1. Pre-admission-seeking Investigation Procedures:
- Review the company's policies and procedures
- Interview those who raised the suspicion to establish reasonable basis
- Interview suppliers and vendors to determine facts
- Decide if investigation was necessary in the light of company policies and preliminary findings
- Plan the interview
2. Adam's initial reaction when confronted:
Adam would be defensive and try to deny the existence of such acts, especially when he is not sure that you have got some evidence against him.
3. Adam might try to cover his track when suspicion alert has been raised to his knowledge. He might contact the vendors and suppliers involved to ensure that they did not disclose any unfavorable information to the investigator. He might also engage in bluffing, that is trying to prove his innocence before the investigation proper.
4. I know this because I have dwelt with such reactions before.
Explanation:
In law, fraud is the deliberate misrepresentation of facts for the purpose of depriving someone of a valuable possession or enriching oneself.
